1004 Gates Ave Brooklyn, NY 11221-6354
Property profile & analytics
1004 Gates Ave Brooklyn, NY 11221-6354
- Apartment buildings
- 19,130 SF
- 0.09 lot acres
Property ID
US63-2326688
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Apartment buildings
Property Details for 1004 Gates Ave
- Year built
- 1925
- Lot size
- 0.09 lot acres
- Property size
- 19,130 SF
- Zone code
- C4-4L
- Property type
- Apartment buildings
- APN
- 01480-0014
- APU
- 14800014
Description
This exceptional seven-story, multifamily property located at 1004 Gates Avenue in Brooklyn, New York, presents a compelling investment opportunity. Situated on the south side of Gates Avenue between Ralph Avenue and Broadway, in the heart of Bedford-Stuyvesant, this turnkey asset boasts 19,130 square feet and features 27 residential units. The building, which benefits from a 40-foot frontage, underwent significant expansion and renovation in 2019. A substantial J-51 Tax Abatement is in place, providing significant tax savings until 2034, totaling $1,381,093. Currently fully occupied, the property offers a considerable preferential-to-legal rent spread of $494,245, representing significant upside potential. The asking price is $9,700,000, translating to $507.06 per square foot and $359,259.26 per unit. This well-maintained elevator building represents a rare opportunity to acquire a high-performing asset in a rapidly appreciating Brooklyn neighborhood. The property's strong cash flow, combined with the substantial tax benefits and rent upside, makes it an ideal investment for discerning buyers seeking a stable and profitable return. The building's prime location and recent renovations ensure its continued success in the vibrant Bedford-Stuyvesant market. The zip code is 11221.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $9,735,000
- 6.5%
- $8,985,000
- 7%
- $8,345,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $4,719,000
Market price range: $2.66M - $7.92M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $4,985,000 Current use
- INDUSTRIAL (GENERAL)
- $10,860,000 Change: +118% Conversion: Difficult
- OFFICE BUILDING
- $10,530,000 Change: +111% Conversion: Moderate
- WAREHOUSE, STORAGE
- $9,585,000 Change: +92% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $6,880,000 Change: +38% Conversion: Moderate
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9232
- Latitude
- 40.6891
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$19,535
$99,000
$1,522,350
$1,621,350
-
$220,000
$3,383,000
$3,603,000
